What: Shares of IGI Laboratories (NASDAQ:TLGT), a specialty generic pharmaceutical manufacturer, were up more than 22% in late trading today after the company reported its third quarter earnings.

So what: The company appears to have knocked the ball out of the park with this report. Sales this quarter shot up more than 74% to $11.6 million versus the year ago period. Analysts had only been expecting the company to produce revenue of $9.4 million, so this was a huge beat on the top-line. Net loss per-share share came it at $0.05, which met expectations.

The rest of the income statement looked good as well -- gross margins jumped to 52%, up from only 39% in the year ago period, and the company managed to produce an operating income of $0.4 million.

Image Source: Teligent / IGI

Finally, the company also announced that it is dropping the name IGI Laboratories, and will hence forth be known as Teligent. Its new stock symbol, TLGT, will begin trading on the Nasdaq this coming Monday.

Now what: Looking ahead, the company now expects total revenue between $41.0 million and $43.0 million for the full year, which is up from the $35.0 million to $40.0 million range it was previously predicting. Gross margins are expected to come in at 49% to 50% for the full year, which is at the high-end of the company's previous guidance, and the company is still projecting that it will reach operating margin break even by end of the year.

The only negative in this report related to the number of Abbreviated New Drug Applications, or ANDA's, that the company expects to file for the year. That number now stands at 15 to 17, which is down from its previous guidance of "up to 20". Still, considering the deal the company just announced to add a few new products to its portfolio, this company continues to have an impressive backlog of 28 products currently pending approval, with an addressable market valued around $1.4 billion.

IGI continues to show that its business model is a success, so I think that the market was correct to bid up its shares today. With a huge backlog of ANDA's pending approval, this growth story could just be getting started.